Bangalore-based LetsService Automotive Technologies Pvt. Ltd. backed LetsService, an on-demand marketplace and booking platform for two-wheeler servicing, has raised angel funding from QuEST Global chief operating officer Ajay Prabhu and Julia Computing Inc. co-founder Deepak Vinchhi.
The startup said, "The funding was raised earlier this year, will be used to build technology, streamline operations and upgrade its app." The funding amount is still undisclosed by the company.
It is also in an advanced stage of talks with investors for its pre-Series A round of funding and expect to raise it by the end of next month. The startup, which offers its services in Bangalore currently, has also set up its services in Mumbai and Pune recently.
Founded in October 2015 by Sachin Shenoy, Girish Gangadhar and Sachin Radder, LetsService helps motorcyclists get their 2 wheelers serviced at authorized service centers sitting at home or office.
The customer can track his bike through the day with intuitive alerts and notifications. Recently, the startup partnered with Quikr to provide convenience to two-wheeler owners on QuikrServices in Bangalore. The firm charges a convenience fee of Rs 300-400 from customers based on location. It also gets a referral fee of Rs 100-150 per service from the authorised service centres.
LetsService, which has tied up with around 100 service centres of different two-wheeler brands in Bangalore, claims to have served 10,000 customers so far.
“We are growing at 70% month-on-month and have a run rate of 3500 transactions per month currently,” the startup added.
Other players operating in this space are DrivoJoy, MotorExpert, Bumper and Cartisan. In March 2016, Bangalore-based on-demand two-wheeler servicing startup DrivoJoy raised an undisclosed amount of investment from Indian Angel Network (IAN) and a clutch of others. In December 2015, Bangalore-based Bumper, a mobile marketplace and booking platform for car servicing, secured $500,000 in seed funding from venture capital firm SAIF Partners. And in July 2015, Bangalore-based automotive services marketplace Cartisan raised an undisclosed amount in seed funding from Global Founders Capital, Yuvraj Singh’s YouWeCan Ventures, TaxiForSure founder Aprameya Radhakrishna and others.
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